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Oriental Weavers Carpet’s profit jumps 55% in 2019; dividends proposed

Oriental Weavers Carpet’s profit jumps 55% in 2019; dividends proposed
The company’s board proposed a cash dividend distribution of EGP 1.5 per share
Oriental Weavers
ORWE
-1.65% 19.03 -0.32

Cairo – Mubasher: The consolidated financial statements of Oriental Weavers Carpet showed a 55.4% year-on-year profit surge during 2019.

Net profits leapt to EGP 855 million last year from EGP 550.23 million in 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

In the meantime, sales fell to EGP 10.13 billion in the year ended 31 December 2019, compared to EGP 10.4 billion a year earlier.

As for standalone financials, the company’s net profits declined to EGP 708.6 million last year from EGP 745.8 million in 2018.

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 1.5 per share. The proposal will be referred to the ordinary general meeting (OGM), set to be held on 29 March, for approval.

It is noteworthy that during the first nine months of 2019, Oriental Weavers Carpet’s net profit grew to EGP 597.36 million from EGP 436.4 million in the corresponding period a year earlier, including minority shareholders’ rights.